Valspar Acquires Parts of Benjamin Moore Unit

MINNEAPOLIS - The Valspar Corp. announced the acquisition of certain assets of the coil, spray-applied door and rigid-packaging businesses of Benjamin Moore & Co.'s Technical Coatings Co. The purchase does not include manufacturing facilities, and Benjamin Moore will manufacture products for Valspar on a short-term basis until production is shifted to existing Valspar facilities, the companies said. Combined sales for the acquired businesses for 2001 will be an estimated $25 million, Valspar said.

Richard M. Rompala, Valspar chairman, president and CEO, said the businesses being acquired "are an excellent fit with Valspar," and would result in "significant consolidation savings."